JET8 a Social Currency for Ethereum
There is now a cryptocurrency that is designed to monetize and commercialize social media. It’s called JET8 (J8T) and its creators call it a “tokenized social currency.”
The hope behind J8T, like Opiria (PDATA), and Measurable Data (MDT) is that social media users will allow themselves to be tracked and data mined in exchange for payment. The difference is that JET8 wants to reward users with free samples rather than rewards points.
The idea behind JET8 is to turn social media users into advertisers for products. The users get rewarded for promoting the products with free samples. They can also earn the J8T social currency.
How JET8 Proposes to Turn Social Media Users into Advertisers
JET8 plans to offer our solutions designed designed to monetize social media user data through its Ethereum blockchain platform. Those solutions include:
· Co2Co Engagement — Basically this would pay people to take selfies or videos of themselves with a product and post them on social media. For example a picture of the user drinking Sprite or Coca Cola or shopping at a particular store. Another example of Co2Co would be a video of a person demonstrating the use of a product. JET8 users in South Africa can redeem JETS for airtime on mobile phones from CellC.
· Digital Social Sampling — This is the application of a classic polling technique to social media. A company would try to get a snapshot of market or opinion by asking a set number of social media users a question. One way to achieve this would be to offer coupons for free samples in exchange for opinions about a product. An obvious use of this would be to create instant polls and instant market surveys.
· Data Mining — Companies would be able to share information collected through JET8 with user organizations through the User Data Exchange. A soft drink maker would be able to mine data about a fast food joint’s customers to see what drinks they preferred with their burgers for example.
· The Full Stack App — This would allow a user to create selfies and videos that can be posted on multiple social media platforms — say Facebook, WhatsApp, Instagram, and Twitter — at the say time. Posters will be rewarded in the JETS social currency that can be converted into J8T. They can also organize communities for marketing and other purposes. Users are tracked through Geo-Frames and Geo-Stickers.
Giant Corporate Customers
The impressive thing about JET8 is that the JETS social currency is already being used by some giant corporations in the seven countries.
Users mentioned at the JET8 website include: McDonald’s (NYSE: MCD), Seven11, the Circle K Convenience stores, the Alfamart convenience stores, Watsons, Shoprite, Shop & Go, Coca Cola (NYSE: KO), Unilever (NYSE: UN), Cell C, Nestle (VTX: NESN), Avon (NYSE: AVP, and PespiCO (NASDAQ: PEP). JET8 claims that the JETs have reached over 400 million social-media accounts since they were launched in 2015.
JET8 has an app called Fotoku that is available in the App Store and on Google Play. Its decentralized engagement network is operating in seven countries: the Philippines, Indonesia, South Africa, Vietnam, Thailand, Singapore, and Spain. That means JET8 has experience in countries with very different cultures, governments, languages, and legal systems. JET8 even has experience in the European Union; Spain is a member of both the Eurozone and the EU.
This means JET8 has real experience promoting real products in the world. That gives it a leg up on cryptocurrencies like the Basic Attention Token (BAT). It also means that the JET8 (JT8) is basically an accounting and data mining tool rather than a currency.
JET8 has a lot more experience in consumer engagement in mass markets than Opira does. It also has far more experience with mass-market consumer products than Opira, almost all of Opira’s experience is in the auto segment. Opira also skews to middle and upper-class brands.
Is JET8 a Good Cryptocurrency?
The JET8 (JT8) token is an interesting cryptocurrency because it is associated with a blockchain platform with the potential to tap a mass market. It is also offering a service that real people are using in the real world.
The JT8 appears to be an undervalued cryptocurrency for its potential. JT8 had a Coin Price of only 1.03¢, a Market Capitalization of $4.619 million and a 24-Hour Market Volume of $16.49 on 11 June 2018. That makes it an undervalued cryptocurrency with a lot of potential. There were 448.948 million JT8 tokens in circulation on 11 June 2018, out of a Total Supply of 1.468.858 billion.
The JT8 has some good attributes as a cryptocurrency; it is ERC20 which means it is Ethereum (ETH) compatible and works with the most popular blockchain system. The JET8 is part of Bancor’s Liquidity Network, that means it is more like to retain value and can be easily exchanged with other tokens in that network.
Those who are seeking an undervalued cryptocurrency that has the potential to tap a mass consumer market should checkout JET8. Of all the tokens trying to consumer data which has been described as the Oil of the 20th Century, JET8 seems to have the greatest potential for success and profit.
This story originally appeared at Market Mad House your barometer for cryptocurrency insanity and blockchain lunacy.